In its interim order, Sebi has accused Rajan of insider trading.
Market regulator SEBI has barred former Gammon Infra Projects Ltd. (GIPL) chairman and managing direction (CMD) Abhijit Rajan from the equity market till further directions. In its interim order, Sebi accused Rajan of insider trading by selling shares of GIPL ahead of a price sensitive information being formally disclosed to the stock exchanges.
"It is observed that Mr. Abhijit Rajan, CMD of GIPL sold his shares in GIPL on August 22, 2013 on the basis of 'unpublished price sensitive information' about the termination of the Shareholders' Agreement between GIPL and Simplex Infrastructures Limited (SIL) which was published on September 03, 2013. Thus, he engaged in insider trading which is prohibited under the SEBI Act and the SEBI (Prohibition of Insider Trading) Regulations, 1992 ("PIT Regulations")," says the Sebi order.
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On August 22, 2013 Rajan sold 143,81,246 shares held by him in GIPL, representing nearly 70.56 percent of his holding in GIPL. He sold 72,29,985 shares on BSE and 71,50,000 shares on NSE for an aggregate value of Rs 10,27,40,534.
On September 03, 2013, GIPL made a disclosure to the stock exchanges regarding termination of Shareholders' Agreement dated April 26, 2012 with SIL for purchasing 49 percent equity stake in Maa Durga Expressways Private Ltd promoted by SIL and selling 49 percent equity stake in Vijayawada Gundugolanu Road Project Private Limited promoted by GIPL.
On August 09, 2013, resolution for termination of agreement was passed in the board meeting of GIPL and the said Termination Agreements were signed on August 30, 2013 by SIL and GIPL, says the Sebi order.
Rajan served as CMD of GIPL till September 20, 2013 when he resigned from the post of CMD, but continued to be on the board of GIPL.
For full copy of the Sebi order, click here
Gammon Infra stock price
On July 17, 2014, Gammon Infrastructure Projects closed at Rs 14.80, down Rs 0.45, or 2.95 percent. The 52-week high of the share was Rs 16.43 and the 52-week low was Rs 6.05.
The latest book value of the company is Rs 8.56 per share. At current value, the price-to-book value of the company was 1.73.
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